Minister Badu bats for increasing exports to replace import

KATHMANDU: Minister for Industry, Commerce and Supplies Dilendra Prasad Badu has said that the ambassadors have an important role in attracting foreign direct investment (FDI) to Nepal. Addressing the 'Interaction between the Ambassadors and Entrepreneurs for Export Promotion' programme organised by the Federation of Export Entrepreneurs Nepal (FEEN) here today, he said the ambassadors can also play significant role in expanding Nepal's exports. "Bringing maximum foreign currency into the country by expanding the export of goods produced within the country is the major need of the day. I have the confidence that the ambassadors appointed to various countries will work for the same," Minister Badu said. He said, Nepal's trade deficit could be reduced only by increasing exports and replacing imports. "The government is always positive about formulating the laws and policies required for export promotion. Similarly, the government is always willing to collaborate with the private sector for promoting export by increasing the national production,"  the Industry, Commerce and Supplies Minister added. According to him, the government has made arrangements for subsidies and incentives for the businesses to promote exports. He also stated that the government was positive about organising an international trade fair for promoting the goods produced in Nepal. Secretary at the Ministry of Foreign Affairs, Bharat Raj Paudyal highlighted the important role the diplomatic missions have in making arrangements for exporting the goods produced in Nepal to third countries in an easy manner. He expressed the belief that the interaction with the ambassadors would help in the export promotion. Secretary Paudyal informed that the Foreign Ministry has been holding interactions with the 40 diplomatic missions of Nepal in foreign countries every six months. Secretary Paudyal suggested forming a permanent mechanism comprising the representatives of the Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Industry, Commerce and Supplies and the Ministry of Forests and Environment and the entrepreneurs for the promotion of exports. Likewise, he emphasised studying the feasibility of domestic raw materials and stressed its production and moving ahead with a joint strategy on government and private sector partnership by making 50% investment in infrastructure or free of cost for operating export trade. FEEN president Ram Bahadur Gurung said the ambassadors have a huge role in facilitating the Nepali exports and the export entrepreneurs. He urged the ambassadors to take initiatives for business agreements supporting the export of Nepali goods. He called on the government to play a pivotal role in carrying out research and development of exportable goods and for the promotion of goods with higher possibilities for exports. According to FEEN, Nepal imported goods worth Rs 1308 billion in fiscal year 2021/22 while goods worth only Rs 141 billion were exported. On the occasion, the ambassadors committed to supporting the promotion of Nepal's export trade. By RSS READ ALSO:

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